Bitcoin started a bad correction from the 55 55,700 region against the US dollar. BTC is correcting the low, but dips are supported near $ 53,000 and $ 53,200.
- Bitcoin started correcting a bad direction from above the $ 55,500 level.
- Prices are now trading above 53 53,000 and above the simple moving average of 100 hours.
- The BTC / USD pair (data feed from Kraken) had a break below a key bullish trend line with support around $ 53,100 per hour on the chart.
- The pair could fix the bottom, but the bulls are likely to remain active around $ 53,000.
Bitcoin prices are falling
The price of Bitcoin has remained in a positive territory above the 52,000 resistance. BTC even broke the $ 55,000 resistance level and settled above the simple moving average of 100 hours.
However, the price failed to move above 55 55,700. A high was made near $ 55,770 before a bad correction. Prices have been revised below the 55,200 support level. Even the price has traded from the 6 50,365 swing below the 23.6% Fib retracement level of the .6 upward wave to the 55,777 high.
The BTC / USD pair had a break below a key bullish trend line with support near $ 53,100 on the hourly chart. On the downside an immediate support is near the $ 53,500 level.
Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $ 54,500 level. The first big resistance is near the 55,000 level, above which the price may accelerate further. The next major resistance sits near the 55,500 level. Any gain could determine the pace of progress towards the 58,000 level.
Dips Limited in BTC?
If Bitcoin fails to clear the $ 55,000 resistance zone, it could go down. On the downside an immediate support is near the $ 53,500 level. The first major support is now forming near the 53,100 level.
The next major support is near the $ 53,000 level. It swings from a low of $ 50,365 near the 50% Fib retracement level of the 50 upward wave to a high of 55,777. And any loss could open the door to দিকে 52,500. Next key support is close to the 52,000 level.
Hourly MACD – MACD is now moving into the bearish zone.
Hourly RSI (Relative Strength Index) – RTC of BTC / USD is now below 50 level.
Major Support Level – $ 53,500, then $ 53,000.
Major resistance levels – $ 54,500, $ 55,000 and $ 55,500.